May 29, 2017 / 6:42 AM / 3 months ago

BRIEF-SocGen's ALD to buy BBVA Autorenting

May 29 (Reuters) - SocGen/ALD/BBVA:

* SocGen's ALD has signed an agreement to acquire BBVA Autorenting, the Spanish full-service leasing subsidiary of BBVA

* In 2016, BBVA Autorenting generated a Net Income of EUR 12.3m.

* BBVA Autorenting is the 7th largest player on the Spanish market with a fleet of c. 25,000 vehicles, most of which were previously managed by ALD Spain under a Fleet Management (FM) contract

* Acquisition forms part of ALD’s development strategy and is an example of ALD’s focus on targeted and value accretive bolt-on acquisitions

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